Buchanan Street Partners in Newport Beach has provided a $16 million loan to refinance 21845 Magnolia St., a 29-acre industrial facility in Huntington Beach recently bought by subsidiaries of Shopoff Realty Investments. Buchanan Street financed roughly 50 percent of the acquisition cost, according to a statement. Shopoff is planning a large-scale mixed-use development at the site to include single-family homes, townhomes and open space as well as hotel, commercial and retail components. Buchanan Street’s nonrecourse first mortgage provides Shopoff new capital to support the pursuit of entitlements for the master-planned development.
Buchanan Street also provided a $18 million loan to a Los Angeles-based development firm for the acquisition of a shopping center in Granada Hills. The loan was funded through Buchanan Street’s proprietary bridge lending platform. The firm financed about 65 percent of the cost on a 12-month term.
The firm also added Chris Cervisi to its team as an assistant vice president. He will be responsible for sourcing, structuring and underwriting real estate debt investments.
###